Singapore Exchange said Friday it would amend rules on securities trading and market practices, effective 3 June, after supportive feedback from a public consultation.
“The amended rules are more principles-based, and are aimed at supporting members, dealers and remisiers, including new joiners, in their activities,” SGX said in a statement.
SGX’s summary of the changes is:
- Less prescriptive rules on customer account opening.
- Members and remisiers will have full flexibility as to the structure of their relationship including the quantum of security deposit.
- Members will no longer need to obtain written acknowledgement from clients when they operate off-premises.
- Senior management pre-approval for staff trading will no longer be needed as long as procedures are in place to monitor staff trading and guard against misuse of information.
- New notification framework for registration of trading representatives.
- Members will have the discretion to approve substantial shareholdings and other businesses of their trading representatives.
- Designated market makers will have adequate time to make public announcements when they cease to quote.
SGX added that it would also re-organize the trading rulebook for more clarity.
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